The SEC Is Now Reviewing 2 Bitcoin ETF Proposals

Last updated Feb 23, 2019

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For the first time in a long time, last August to be exact, there are multiple Bitcoin ETF proposals in front of the Securities and Exchange Comission (ETF).

The VanEck/SolidX proposal filed with Cboe BZX Exchange has now appeared in Wednesday’s edition of the Federal Register, officially kicking off the 45-day clock to an initial decision. It joins another bitcoin ETF proposal filed by Bitwise Asset Management with NYSE Arca, which was published in the register last week.

Gabor Gurbacs, director of digital asset strategy at VanEck, told CoinDesk via email that he believes a bitcoin ETF will serve the public interest if approved.

The company has been actively working with regulators, as well as other major market participants, “to bring simplicity, transparency and professional market standards to digital assets,” he said.

VanEck is hoping that this collaboration will let it bring a regulated product with exposure to digital assets to market going forward.

“I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes,” Gurbacs said.

With the Bitcoin and cryptocurrency platforms, markets and tool evolving, maturing and growing rapidly, which definitely gets the notice of business and government. It is not going to be long before we start to see diffusion into the public, business and government sectors at large. That diffusion is an important step for so many different reasons.

Matt Hougan, Bitwise global head of research, told CoinDesk that the crypto ecosystem is “evolving very rapidly,” which may aid in getting a product launched.

“A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here,” he noted as one example.

There is a large amount of development in the space and a large amount of room to grow as well. The opportunities for business, investing, personal and government change and growth is exponential. This technology creates liberation, empowerment, and transparency, all the while eliminating fraud, waste and redundancy in oversite. What this means is a real advancement of how we live, how we do business and how we govern. By transferring money and transparency back to the people, we are putting the power and control where it should be, in the hands of the people.

“The SEC has been extraordinarily clear in the Dalia Blass letter and in the Winklevoss rejection letter in what they will require before you can list a product. It’s up to folks in the industry … to meet those standards. All you can ask for a regulator is to lay out clear bars you have to clear before they will approve something.”